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THE CITY OF 1 L m -'-1 CITY COUNCIL AGENDA REPORT SANTON. June 2, 2009 Economic Development TITLE: CONSIDERATION OF A BUSINESS ASSISTANCE PROGRAM TO SUPPORT THE RETENTION AND ATTRACTION OF LOCAL BUSINESSES SUMMARY Pleasanton businesses are an integral part of the Pleasanton community, from the jobs they provide for residents to the amenities supported by the revenues they generate. To remain competitive in attracting and retaining businesses, especially in the current economic climate, it is important to build upon our strengths while realistically addressing challenges that can be directly controlled or influenced by the City. This report provides the framework for a Business Assistance Program designed to support local businesses and continue to position Pleasanton as an excellent place to do business. The development of a Business Assistance Program has been determined by the City Council to be among its priorities for the coming year, and the initiatives of the program are aligned with the goals and objectives of the City's Economic Development Strategic Plan. ECONOMIC VITALITY RECOMMENDATION The Economic Vitality Committee is recommending the City Council approve the proposed Business Assistance Program. This recommendation is supported by the Pleasanton Downtown Association and the Pleasanton Chamber of Commerce. STAFF RECOMMENDATION Staff is recommending the City Council approve implementation of the Business Assistance Program. FINANCIAL STATEMENT Given the rage of initiatives proposed, the direct costs associated with the Business Assistance Program are anticipated to be approximately $225,000.